AZ SB1065

Amends section 41-1506.01 of Arizona Revised Statutes regarding the Arizona twenty-first century competitive initiative fund administered by the authority.

Modifies requirements for nonprofit corporations receiving fund monies to provide matching financial assistance equal to or greater than state funding for fiscal years 2014-2015 and thereafter, replacing previous requirement tied to fiscal years 2005-2007.

Grants first preference in receiving state financial assistance to Arizona businesses with twelve or fewer employees.

Requires nonprofit corporations to submit quarterly reports on investments made and annual reports on measurable objectives and other leveraged funds, with initial memorandum of understanding submitted to joint legislative budget committee for review.

Mandates joint legislative budget committee quarterly review of fund expenditures and any memorandum of understanding changes.